Like ImClone stock, the properties of the company’s embattled former CEO are selling cut-rate.

Sam Waksal, indicted for insider trading, has unloaded his oceanfront house in Sagaponack for $3.125 million – after first listing it for just under $5 million last June.

Waksal, 54, bought the house on Potato Lane for $2.1 million in 2000.

Sources said the buyer is music-industry honcho Peter Mensch.

Waksal – accused of tipping off family members to sell ImClone shares just before the Food and Drug Administration’s rejection of its anti-cancer drug – has also listed his remaining Hamptons house in nearby Wainscott for $4.9 million.

But don’t shed too many tears for the fallen tycoon just yet – he still has a loft in SoHo and a $20 million art collection, including a Picasso.

A stone’s throw from Waksal’s for-sale properties are the Hamptons homes of his embattled pal Martha Stewart, who has been caught up in the ImClone scandal because she sold 4,000 shares of the stock just before it tanked.

She has denied she was tipped to the FDA rejection.

Meanwhile, the extra cash flow from Waksal’s property sales couldn’t come at a better time for his family.

Federal prosecutors moved yesterday to seize more than $8 million from his 80-year-old father, Jack Waksal, and $2.4 million from daughter Aliza.

They both sold ImClone shares on Waksal’s instructions on Dec. 27, a day before the company’s much-touted FDA decision was made public.

The suit says there is probable cause to suggest the money is “derived from proceeds traceable to an offense.”

Waksal, who once dated Stewart’s daughter, pleaded guilty to securities-fraud charges last week.

Neither his father nor daughter has been charged.

In the case of his daughter, Waksal told investigators that when he called her to tell her to sell her shares, he didn’t say why, “in an effort not to implicate her in any unlawful or improper conduct.”